Munich Re said on Thursday it expected to receive claims for canceled or postponed events because of the coronavirus crisis in excess of 1 billion euros ($1.08 billion) this year after it posted a 65% drop in first-quarter profit.
The German reinsurer, which joins a raft of insurers warning of threats to their business, had already said it would not meet a profit target this year.
A Northern California utility received 146 demands for reimbursement from customers who say Pacific Gas & Electric Company’s controversial decision to cut power to prevent wildfires hurt them economically.
The utility said Wednesday in a report to California regulators that it won’t pay any claims. PG&E shut power to 60,000 Northern California customers from Oct. 14 to Oct. 16 after it determined that forecast sustained winds of 25 mph gusting to 45 mph threatened to bring down power lines and start wildfires. It was the first time PG&E cut power to prevent wildfires.